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- W2077173897 abstract "It is argued that bidders in liquidity-providing central bank operations should typically possess declining marginal valuations. Based on this hypothesis, we construct equilibrium in central bank refinancing operations organised as variable rate tenders. In the case of the discriminatory pricing rule, bid shading does not disappear in large populations. The predictions of the model are shown to be consistent with the data for the euro area." @default.
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- W2077173897 date "2006-01-01" @default.
- W2077173897 modified "2023-09-23" @default.
- W2077173897 title "Declining Valuations and Equilibrium Bidding Central Bank Refinancing Operations" @default.
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- W2077173897 doi "https://doi.org/10.2139/ssrn.1698125" @default.
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